Reported a net loss of $5.0 million for the three months ended March 31, 2026, consistent with the $5.0 million loss in the same period of 2025. Cash and cash equivalents decreased to $1.5 million as of March 31, 2026, from $4.9 million at year-end 2025. Effected a 1-for-20 reverse stock split on March 30, 2026. Research and development expenses increased to $3.0 million, driven primarily by $1.8 million in CRO costs for clinical trial preparation. Management identified a material weakness in internal controls due to a lack of segregation of duties. Subsequent to the quarter, completed a registered offering raising approximately $2.5 million in net proceeds.